In the matter of Jabiru Satellite Limited (in liq) and NewSat Limited (in liq) [2022] NSWSC 459

Supreme Court New South Wales

Medium Neutral Citation: In the matter of Jabiru Satellite Limited (in liq) and NewSat Limited (in liq) [2022] NSWSC 459 Hearing dates: 31 March 2022, 11 April 2022 Date of orders: 14 April 2022 Decision date: 14 April 2022 Jurisdiction: Equity - Corporations List Before: Black J Decision: Plaintiffs' Originating Process is dismissed. Plaintiffs to bring in a proposed suppression and non-publication order. Liberty to apply within 7 days reserved to interested persons as to costs. Catchwords: CORPORATIONS — Winding up — Liquidators — Appointment of special purpose liquidator — whether special purpose liquidator should be appointed to conduct certain proceedings on basis of funding agreement that provides for funding fee of 70% of the net resolution sum — where funder has minimal assets — where prospects of the proceedings to be pursued not exposed to third party funders — where funder contends it will not support the proceedings on any other basis. Legislation Cited: Corporations Act 2001 (Cth), s 477, 564 Insolvency Practice Schedule (Corporations) s 90-15 Cases Cited: - Commonwealth of Australia (Department of Education, Skills and Employment) v Phoenix Institute of Australia Pty Ltd (in liq) [2020] FCA 937 - Fitz Jersey Pty Ltd v Fraser (2018) 129 ACSR 238; [2018] NSWSC 1189 - Glenfyne International Holding Limited v Glenfyne Farms International AU Pty Ltd (in liq); (2019) 101 NSWLR 358; [2019] NSWCA 304 - Helberg v Dean-Willcox [2020] VSC 313 - Lewis v Battery Mineral Resources Ltd (in liq) (2021) 156 ACSR 162; [2021] FCA 963 - Melhelm Pty Ltd v Boka Beverages Pty Ltd (in liq) (2019) 138 ACSR 95; [2019] FCA 1184 - Re Atlas Construction Group Pty Ltd (in liq) [2018] NSWSC 1189 - Re GDK Projects Pty Ltd v Umberto Pty Ltd (in liq) [2018] FCA 541 - Shangri-La Construction Pty Ltd v GVE Hampton Pty Ltd (2021) 152 ACSR 19; [2021] VSC 161 Category: Principal judgment Parties: Rockgold Holdings Pty Ltd (First Plaintiff) Ever Tycoon Limited (a company registered in the British Virgin Islands) (Second Plaintiff) Jabiru Satellite Limited (in liquidation) (First Defendant) NewSat Limited (in liquidation) (Second Defendant) Glen Ian Livingston in his capacity as liquidator of Jabiru Satellite Limited (in liquidation) and liquidator of NewSat Limited (in liquidation) (Third Defendant) Representation: Counsel: Mr D Sulan SC/A Campbell (Plaintiffs) S Rosewarne/A Batroney (Interested Persons)